What are the advantages of an RML?
The main advantages are: Income Supplement: Enables house-owning Senior Citizens having inadequate income to meet their financial needs for renovation/repairs to house, medical & other personal purposes. Retaining ownership: The borrower continues to retain ownership of the house. Social Security: In the absence of social security for Senior Citizens, RML serves as a partial substitute. No Repayments: A borrower does not have to repay a RML during his or her lifetime or till such time he or she continues to stay in the house. Freedom and Flexibility: Amount availed under a RML may be utilized for any purpose other than investing in shares, real estate, trading etc.
